Iron ore slumps on subdued China demand outlook for second half
Iron ore futures in Asia fell on Thursday, pressured by the prospects of a slowdown in demand for the steelmaking ingredient in top buyer China, and despite tempered shipment expectations from its biggest producer, Rio Tinto.
The most-traded iron ore for September delivery on China’s Dalian Commodity Exchange slumped 2.5% to 1,105 yuan ($170.67) a tonne by midday break, extending losses into a third straight session.
Iron ore’s most-active September contract on the Singapore Exchange shed 3.5% to $188.60 a tonne by 0346 GMT.
Rio Tinto expects its iron ore shipment this year to be at the low end of the forecast range, which remains subject to weather and market conditions.
Asia s iron ore futures tumbled on Friday, collapsing under the weight of China s resolve to reduce steel output in line with its de-carbonisation drive, and slowing domestic demand for the.
Iron ore price craters on Chinese steel output cuts mining.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mining.com Daily Mail and Mail on Sunday newspapers.
Iron ore price down on China s forecasted steel output decline mining.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mining.com Daily Mail and Mail on Sunday newspapers.
Dalian coke scales 11-week high on China regulatory curbs
Dalian coke futures rose for a third straight session on Tuesday to hit an 11-week peak, while coking coal scaled a new contract high, underpinned by concerns over supply of the steelmaking inputs in top steel producer China.
The most-traded coke for September delivery on China’s Dalian Commodity Exchange ended daytime trading up 1.2% at 2,863 yuan ($441.55) a tonne, after earlier touching 2,910 yuan, its strongest level since May 12.
Coking coal DJMcv1 edged up 0.1% at 2,135 yuan a tonne, off a contract-high 2,190.50 yuan.
Domestic supply of coke, which is used as a reducing agent in melting key steelmaking ingredient iron ore in blast furnaces, has tightened as producers have also been affected by stricter regulations on carbon emissions.